Posted by JeneanNC on June 19, 2000 at 19:53:39:
Can you provide me with a telephone number and contact for Washington Mutual?
SPEC homes? - Posted by John Ringo
Posted by John Ringo on June 18, 2000 at 15:25:46:
Does anyone know about SPEC homes? I found a website with investment opportunities in SPEC homes it looks pretty lucurative! Tell me what you think or if you know if they are a good deal.
The site is www.lyonsconstruction.com
Thanks
John
Re: SPEC homes? - Posted by Jonathan Rexford
Posted by Jonathan Rexford on June 18, 2000 at 16:36:45:
Yes to your question, do I think that they are lucrative? YES AND NO. If you have never done one it can scare the heck out of you if you are carrying the costs. I will do 25-30 homes on speculation this year. Last year I did 4 the previous year none. The market will tell you when and where to do a home. Most of my homes are sold before the Flooring goes down. But sometimes they do not. I just recently sold a rehab that I thought I would have sold before I made my 2 interest payment…But guess what just mad the 8th payment (I think) I sold the home Last week. I looked at the web site it looks good but you need to know the players are. If you do get into the speculation Market with a general Contractor make sure you hold the cash…lol. Well enough rambling, if you get a good GC he will make you some money. Talk to a contractor and find out what type of financing he has available. I work off of Credit Lines with Washington Mutual, They have several loan packages… The one that I am into now is 80% of Appraisied value plus they will escrow all the interest payments for a year. If you need more info just email or give me a call.
Jonathan Rexford
Licensed General Contractor
Licensed Mortgage Brokerage Business
Rexford Incorporated
P. O. Box 650099
Vero Beach, Florida 32965
Office (561) 569-4087
Fax (561) 569-0279
Cell (561) 532-0029
Pager (561)458-5658